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to be happy about the new year. >>> also ahead, after months of fighting, congress has finally made a deal concerning the fiscal cliff. the impact the bill will have on you. >> scattered snow flurries are moving through the area right now. if it's a sign of more winter weather to come next we'll find out with weather and traffic on (vo) they were married for... 53 years. she was his everything. he can't live alone anymore. but we don't have the room. so, we talked to suntrust... looked at our options... remodeled... for family, you make it work. he taught me that. (anncr) join the thousands of people switching to suntrust's award-winning service. how can we help you shine today? just ask pc mag. [ man ] "cable can't touch fios upload speeds." "it's hard to imagine anyone ever beating fios." "there's no doubt fios is the fastest in the country." [ male announcer ] after 110,000 speed tests, nothing came close to fios. and fios doesn't cap your internet usage. so switch to fiber-optic fios because according to pc mag... [ man ] "if it's available, you should get it." [ male announcer ] last
ago. but we are today. we're going to get a patch and be here again in two months. congress can't get out of its own way. we keep setting our own traps. and we can't find a way to reason together. >> john, we appreciate the clarity, even if it's depressing. thank you very much. john avlon. >>> a lot of other news developing overnight. for that, let's check in, as always, with mr. ron claiborne. good morning, sir. >> hi, dan, bianna. mr. avlon, good morning, everyone. we begin in australia, with a confrontation with a shark. it cost a surfer two fingers and a chunk of his leg. the 29-year-old was surrounded by a pod of dolphins when the shark attacked yesterday. >> are you all right? >> yeah, i got my legs. i'm good. >> and witnesses say the man used his surfboard to fight off the shark. but the shark bit off two of his fingers. and sank its teeth into his legs. other surfers came to the man's aid until paramedics arrived. >>> and police in new york city are searching for a woman who pushed a man to his death in front of an oncoming subway train. police are checking homeless shelters a
to raise the debt limit. congress battled for months and the economy suffered, resulting in the u.s. losing its aaa credit rating for the first time in history. we were downgraded. what's next? and as part of a last-ditch compromise to avoid default, both sides agreed to $1 trillion in spending cuts and an additional $1.2 trillion in across-the-board cuts that would kick in at the beginning of 2013 unless a bipartisan super committee made up of politicians from both parties could come up with an agreement. that super committee failed, and of course, the country is now facing those self-imposed, massive cuts to defense spending and other programs. fed chair ben bernanke warned that if these cuts went through, and we're looking at a deadline that's 16 hours away, the country risked going over what he called a fiscal cliff. since the president's re-election, he and republicans have traded offers and counteroffers, finding little common ground on tax increases and cuts from entitlements. president obama and speaker boehner met one on one. nothing happened. the speaker offered plan "b," never go
, the president seemed to take a victory lap today at the white house. >> keep in mind that just last month republicans in congress said they would never agree to raise tax rates on the wealthiest americans. obviously, the agreement that's currently being discussed would raise those rates and raise them permanently. >> reporter: it was a campaign-style event. >> i'm going to be president for the next four years, i hope. so -- [ applause ] >> reporter: that alienated the very people he needs to get any deal passed. >> very disappointed to hear what the president just had to say in front of a pep rally. >> he comes out and calls people together and has a group standing behind him, laughs and jokes and ridicules republicans, what is -- why? >> reporter: if a deal finalized, and if passes congress, two big ifs, it would extend tax cuts for all workers under $400,000, prevent a big tax hike on estates under $5 million and extend unemployment benefits set to expire tomorrow for some 2 million people. so, the scramble continues tonight. congressional leaders trying to get to a deal that would pass
in 2013. >> keep in mind just last month republicans in congress said they would never agree to raise tax rates on the wealthiest americans. obviously the agreement is currently being discussed would raise those rates and raise them permanently. now -- [ applause ] >> yeah! [ applause ] >> but guess what. you may not get any more revenue. you may not get any more economic growth but you can say i stuck it to the rich people. >> reporter: on capitol hill, the blame game is in full lot tole with with just a few hours left before we take the "fiscal cliff" plunge at midnight eastern time. >> i'm willing to get this done. i need a dance partner. >> reporter: vice president joe biden and senate minority leader mitch mcconnell have been trying to hammer out a last-minute agreement. they have agreed on a few issues, but both sides are making concessions. if the deal passes? >> it looks like democrats will keep popular items like a five-year extension on the child tax credit. it's for workers who do not earn enough to pay income taxes. also, the refundable credit for parents who have kids going
opposition to tax hikes. >> keep in mind that just last month, republicans in congress said they would never agree to raise tax rates on the wealthiest americans. >> reporter: five senate republicans voted no. >> middle class families will wake up today to the assurance their taxes won't go up $2,200 each. >> reporter: not so fast. house speaker john boehner and his gop lawmakers might not go along. boehner sent house members home to celebrate the new year without a vote to avoid the fiscal cliff. >> listen, this is disgusting. and everybody involved should be embarrassed. >> reporter: the economy could still take a hit. while the house takes up maybe later today whether to follow the senate's lead and hike taxes on the wealthy. from capitol hill, steve handelsman, nbc news. bill, back to you. >> reaction to the senate's move was swift as many people were still up welcoming the new year. familiar faces on msnbc were in rare form starting with joe scarborough who tweeted, why can't washington ever put together a deal that cuts spending? this deal fails on most counts. it's a distressing failu
and extend unemployment benefits. it does not raise the so-called app ceiling. in two months, government will reach its limit on borrowing unless congress acts. it only delays large cost the pentagon and other government programs. in march we may see another round of fighting. president says he hopes congress can get a deal done with a little less trauma. >> another blow in the effort to get aid areas -- aid to areas devastated by hurricane sandy. back on friday, the senate approved more than $60 billion measure to help recover is on the storm. house appropriations committee drafted a smaller $27 billion measure and the vote has been expected before congress's term ends thursday. >> secretary of state hillary clinton spent the first night of 2013 in a hospital, recovering from a blood clot. they are using blood thinners to break up the clots behind the right year. the plot-- the clot was discovered during a follow-up exam for concussions she sustained last month. it is not clear when she will leave the hospital. >> two men accused of brutally beating a d.c. man are back in court again to
,000, which the president sees as a big win for him. >> just last month, republicans in congress said they would never agree to raise tax rates on the wealthiest americans. obviously the agreement that is currently being done would raise those rates and raise them permanently. >> some democrats did not applaud. agreedid the president's to raise rates on those making over $250,000, not four hundred thousand dollars. >> democrats won a two-year postponement, with costs covered by new tax hike. the president scoffed at republican demands for deeper spending cuts. >> shove spending cuts at us. >> so much for the gop. >> a bigger deal is, will a deal get done? >> whatever happens are does not happen before midnight, this partisan more on taxes and spending is sure to continue well into 2013. steve handelsman, wbal-tv 11 news. >> as we wait for word of the deal, lawmakers in washington are under close scrutiny. that is because the alternative will impact almost every american. we are joined by nikole killion, who is live in washington to explain. >> some analysts say this is more of fiscal
of congress being sworn in this month, the whole process will have to begin again. lawmakers say negotiations over the fiscal cliff took too long and didn't leave time to debate sandy relief. good afternoon. the lieutenant governor of the event she says as a former professor she is so happy to see what she calls the movement of history in this area. she is urging residents statewide to support illinois and become the 10th state to legalize gay marriage. as well as jesse tyler ferguson from the hit show modern family. they can to say that we are more alike than we are different. we should not wait for the quality and illinois. it could be a for a full vote tomorrow. a new set of lawmakers will be sworn in january 9th. and issued a letter urging catholics to call state lawmakers and urged them to vote against this. and as a violation of natural law the lieutenant governor disagrees. >> there are a lot of ways that we put together families that cannot involve reproduction. we allow them to marry. we encourage them to marry when they're in a loving relationship. as i mentioned earlier, adoption
as a big win for him. >> keep in mind just last month republicans in congress said they would never agree to raise tax rates on the wealthiest of americans. obviously the agreement currently being discussed would raise the rates and raise them permanently. >> in democrats are not applauding. they taye the president promised tax hikes bon 250,000. >> i think that's grossly unfair. >> reporter: senate republican lead egg mitch mcconnell made the tax deal with vice president joe biden. >> let's pass the tax relief portion now. >> reporter: a hang upis automatic defense and other spending cuts that kick in at midnight. democrats want a two-year postponementment. the cost covered by the new tax hikes. the president scoffed at republican demands for deeper spending cuts. >> shove only spending cuts down, you know -- well, shove spending -- shove spending cuts at us. >> reporter: so much for winning gop allies. >> laughs and jokes and ridicules republicans. why? >> reporter: another question -- will speaker john boehner permit a house vote to hike taxes? if most of his reps will vote no. whateve
promised to testify next month before congress on the deadly attack on the u.s. consulate in benghazi. >>> former president h.w. bush is in intensive care, still in intensive care this morning. the 88-year-old is being treated for an elevated fever. doctors were initially treating bush for bronchitis and a cough when he was first hospitalized last month. his family says they are confidence he'll be released soon. >>> ford living up to its go further tag line. over the next two years the automaker says it will spend $773 million to expand six manufacturing plants in southeastern michigan. the investment will add more than 2,300 jobs in the state and it's part of ford's pledge in october to add 12,000 jobs and invest more than $6 billion in the u.s. by 2015. >>> sticking with our auto theme "consumer reports" is out with the list of best value cars. alison kosik at the new york stock exchange and ready to ride. good morning. >> good morning. >> which car came out on top this year? >> the top spot this year goes to, drum roll, please, drrrr -- there you go, the toyota prius. this is what
. >> it is inexcusable. >> reporter: the speaker says he ise committed to addressing sany relief this month, but that means the new congress that convenes tomorrow will have to start from scratch, busbu legislation does not -- because legislation does not carry over. >>> as the fiscal cliff has been averted, the wait to the last minute has many skeptics, anda renewed discussion aboutdisc civility in congress.ng joining us is the managingma editor of the hill newspaper. you got john boehner here trying to corral the cass on the house floor, he seems to be the moderate, and if there's any take away from the election mitt thromney lost, it's because theh republicans are so far rightfar that they need to come more to the middle, but the republican party is dissing john boehnerhn who is kind of in the middle? >> he got in trouble because of that sandy relief, and chrischri christie called him out, andan boehner backed down on sandy,o but overall, the republican party is not unified, and we sa that with the fiscal cliff deall senate republicans struck a deal with joe biden, it passed the senate,
question -- to members congress read polls? it is a seriousuestion. a month ago, the gallup ll had their approvaval rating at 18%. i will put a positive spin on thatat -- it i an improvovement over august where it was 10%. you would think that during their wewell-earned chrisas break, both of us would have found a wayy to come together and get something done. >> this is not the fault of ngress. congress is behaving likee congressss. this is the president's fault. he needs to go to the countryy and explain why they need to get this done. he has never done that. >> we are in different universes. i have heard him talk about it over a and over, incessantly about where we should not go over the fiscal cliff. it is congress's fault. congress created this fiscal cliff. no one else to impose this on them. it is a self-imposed problem. >> the problem is that the president has never ge to the nation and made a serus speech about debt. he ignored it the first two years. he appoints aommission that he studiously ignores for the nextt two years. that is why we are at the fiscal cliff now. he is
of congress. the energy department released a study last month giving an implicit nod to natural gas exports. i think that could compel congress to really look at this issue. this law governing natural gas exports hasn't been updated since 1938. whether or not congress has the political will to change it remains to be seen but it's certainly going to be part of the conversation. >> you also write about the european financial crisis. i would think it's fair to say 2012 was a horrible, terrible, very bad year for the european economy. but what could that mean to us here? >> right. i think the fiscal cliff of the past month has really allowed a lot of people and especially those in congress to forget that there's a big world out there where economies are not doing so well either. there's been a couple of economists, some of the big economic firms like deutsche bank and others who say, quote, we don't want to have a false sense of security about how europe is doing. i think as we have to somewhat of a degree put off the fiscal cliff, i think europe's woes are going to back to the forefront of co
people are not going to stand for watching this happen every couple of months where congress brings it right to the brink and we just don't know what kind of progress is going to be made. >> moments last week in particular i was feeling very strongly, michael, when i was looking at some of the old pictures of norman schwarzkopf and writing the stories about norman schwarzkopf's death. when people came together in both parties and did things they felt best for the i felt that a little bit when president obama had a at what pointing prusz event before this that didn't help with the negotiations. i felt that way with speaker boehner with a deeply divided caucus and not able to do what he needs to do. they have to do something hard as opposed to what senator sanders was arguing. the main problem we have for 30 years in the future is middle class entitlement that we can't afford. we need broader taxes or reduced benefits or a mix of the two. those are the hardest things in politics to do and it will require real leadership by both sides. >> the president said he is willing to make compro
the senate rules themselves when the new congress convenes next month, they want to stop filibuster abuse by actually making senators talk on the senate floor when they want to filibuster. now, that didn't sit well with republican minority leader mitch mcconnell. >> what the majority leader is saying is he will break the rules of the senate in order to change the rules of the senate. i implore members on both sides to oppose this naked power grap grab strenuously and loudly. >> democrats can change the filibuster rules to prevent abuse of power when the new congress is sworn in. 48 democratic senators are on board with the rule change. but why is it so hard for democrats to summon these last few remaining votes? let's ask the man himself, the man leading the charge, oregon senator jeff americaly. thanks for being here. >> thank you. it's great to be here. >> you've got this plan, you've got a lot of senators on board. what exactly would your plan do and why would it deal with this gridlock? >> well, there's a package of changes. the first is to get rid of the filibuster to proceed. a fili
. and they think they're going to get a better deal in two months? i think that's the dummies. maybe it's the republican members of congress are the real dummies out there. >> maria, you're laughing in agreement. does that suggest you agree? >> i think what jimmy is saying is right. they're dividing themselves. so you have the wall street gop-ers jumping up and down because of the tax cut. but at the same time when it comes to the debt ceiling reduction, then they're -- that's where they're afraid. unlike the fiscal cliff we basically put on ourselves, the debt ceiling's actual problem is if we don't pay the debt then you're creating global calamity. that's something wall street will not allow. you're going to see increased friction. and we have to stop pretending the debt ceiling is something we can play with. this is money we borrowed and it's up to us to repay it back. the american people have to pay our bills, we have to as well. the government. >> they already passed the spending. they also said this is how much we're going to spend. >> but jimmy, do you worry that the president ha
like to be speaking for this bill but i can't. >> reporter: congress steered away from this fiscal cliff at the last minute, but another showdown is just around the corner. in two months the treasury will need to increase how much the country can borrow and lawmakers must approve it. the last time congress fought over the debt ceiling, america's credit rating was downgraded. the president says that doesn't need to happen again. >> the one thing i think that hopefully in the new year we'll focus on is seeing if we can put a package like this together with a little bit less drama, a little less brinksmanship. >> reporter: the president will be trying to reach a debt ceiling deal with a new congress. winners from the november election will be sworn in tomorrow. tara mergener for cbs news, capitol hill. >>> it is a small step to getting our fiscal problems in order, but only for a couple of months. the stopgap measure appears, however, to be having a positive effect on wall street. the dow above 200 points and both the nasdaq and s&p 500 are up. of course there is reaction from taxpay
person in congress will be tested over the next few months. >> we've got three big deals that will happen going into february and march. does it look like this will be the play for the white house as we move forward? are we going to start in the same place we started 11 months ago with the debt ceiling with boehner and the president trying and sending in joe biden at the last minute to close? >> reporter: i don't know if we're going to be seeing that. sternly the white house isn't saying that. we know we'll see drama over this. spending cuts were deferred for two months, the debt ceiling has to be dealt with. president obama wants to deal with long-term things that affect entitlements and tax reform and republicans want to see entitlement and tax reform as well so those things perhaps the negotiations, those things will be attached to the spending cuts and the debt ceiling which have this extreme deadline i guess you could say. i think the president was taking a different tack that we will see again. when he was negotiating with the debt feeliceiling i think he tro portray himself as the
averted for two months so congress has to deal with that and then the other thing is there's sort of a chunk of things that congress wants to deal with that the president wants to deal with that they'll attach to the things that have these hard and fast deadlines dealing with the long-term fiscal health of the country through entitlement reform, social security and medicare and tax reform. it is a lot to accomplish in the next couple of months >> as we look toward, down that long road, tell me, brianna, some of the winners and losers from this whole thing. >> this is obvious some of the losers are obvious, if you earn $450,000 or more than that you'll see your taxes take a hit, $400,000 for individuals. if you itemize deductions and making as a couple $300,000 or more or as an individual, $250,000 or more, you will see your pay take or your income take a hit there. you'll see that, but there are also some winners that maybe you didn't know about. for instance the milk, sugar and peanut producers, they have a tax break that they will get to hold onto. also unemployed americans, lon
everyone he is winning and g.o.p. is not. >> last month, republicans in congress said they would never agree to raise tax rates on the wealthiest americans. the agreement currently discussed would raise those rates, raise them permanently. >> republicans suggest the event may backfire to accuse the republican of rubbing their nose in defeat. >> the president won. we know that. he won fair and square. isn't it now time to govern? >> the president was out of line with his comments at 1:30 afternoon. this is a delegate time. i think the democrats would be embased after what the president did. >> after months of the president promising a balanced approach there are only tax hikes for rich without new spending cuts. today he hinted at more tax hikes ahead. warning republicans that the future deficit reduction will not come from cuts alone. >> if they think that is the formula for how we solve this thing, they have another thing coming. that is not how it will work. >> republicans fire back it's time for presidential leadership, to stop exploding cost of programs like medicare. >> mr. presid
public perceptions of congress. a rasmussen reports poll done just this month found that only 10% of likely voters gave congress a rating of excellent or good. for me, the irony is that having seen several generations of lawmakers pass through the body, i can attest that the vast majority are hardworking generally interested in public service and eager to contribute to the welfare of our country. often the public does not believe that. it's easier to assume that congressional failings arise from the incompetence or even the malfeasance of individual legislators. or perhaps as some believe washington d.c. itself is corrupting. now, it's far more disconcerting to think that our democracy shortcomings are complex and devise simple solutions but the founders were realists who understood the power of factionalism parochialism, personal ambition. they understood that good intentions would not always prevail. and accordingly they designed a system to check abuse and prevent power from accumulating in a few hands. but they knew that the efficient operation of such a republic would requir
. but the bill leaves a lot left to do. in two months, the government will hit the limit of how much money it can borrow, unless congress raises the so-called debt ceiling. an automatic, across-the-board cuts to the pentagon and other agencies, are only to be delayed for two months, setting up another from fiscal cliff on march 1st. congress has adjourned. and late last night, after midnight, the president left for hawaii to meet with his family. and hopefully, he thinks for a few days' vacation. >> you mentioned the breathing per feelings got raw at the last minute. >> reporter: it got really nasty. politico first reported on friday when the congressional leaders met here at the white house, speaker of the house john boehner told the democratic leader, harry reid, off, use uhhing language i can't use here on "good morning america." >> you can't even paraphrase. >>> let's look at what the deal means to you at home. lots of paycheck changes right now. and bianna golodryga is at the smart screen to break it down. about 99% of americans protected from an increase. but most workers will take a hit. >
with that the earliest next month with the new congress. it is the main reason why democratic congressman jim moran opposed this bill and he voted -- he vote it down. we'll hear from the in the next half-hour. back to you. >> surae chinn reporting live from capitol hill. >>> it is 5:04. time for the latest your money report of the morning. >> jessica doyle is here with the impact of this deal. >> well, global markets are riding high because this deal actually got passed in the house. there was concern that that wouldn't actually happen. wall street is back in business today after being closed for new year's. checking the numbers for you, the dow stands this morning above the 13,000 mark yet again. good place to start the new year, gamed 166 points on friday. the nasdaq finished at 59 points. the s&p 500 was better by 23 points. even though investors are riding high on this fiscal cliff deal, the nation's money problems are far from over. great quote here to sum up the year ahead. quote, it looks as if lawmakers will spend 2013 staggering from prices to crisis not unlike a bunch of nasty drunks weav
months ago a new congress will do what we are not doing today is something i cannot bring myself to do. i would like to vote for this because i want americans to have lower taxes, but the other day in conference one of my colleagues pointed out that if in fact you are spending the money, you are taxing our future generation. we are taxing $1.20 trillion next year. we are taxing $1.20 trillion. we were not collected, but we are taxing $1.20 trillion of deficit. the chairman of the ways and means committee rightfully said we are not simplifying the tax code. we're not making a better or more fair. we are not getting rid of the nascar loophole. we are not getting rid of the electric motor scooter loophole. we're not getting rid of a lot of tax things that are here. most importantly, we are not taking things the president himself said he would be for, like getting the calculation of chain cpi, the consumer price index for social security and pensions right, which would reduce the deficit going forward. because of what we are not doing, i cannot believe that this tax cut will in fact be follow
,000 or more a year and individuals making $400,000 or more. but congress pushed off deep government spending cuts for two months and the country is hitting the debt ceiling. >> three set up three more fiscal cliffs. we are gonna look back on this night and regret it. >> president obama rejoined his family in hawaii this morning. the white house had no immediate details when the president will receive and sign the bill. >>> well, stocks are sharply higher due to the fiscal cliff deal but some market watchers are cautioning that the euphoria could be short-lived because of the many challenging issues that remain unresolved. the dow is slightly off, but remaining up more than 200 points. it's up now 235 at 13,339. well, despite the fiscal cliff deal, everyone's paycheck will still be at least a little bit smaller this year. ktvu's janine de la vega is in los gatos to explain about the end of the payroll tax holiday. >> reporter: good afternoon. this tax cut has expired and it will affect every wage earner. most people that we spoke to this morning had no idea that it would affect their paycheck
ask a question -- to members of congress read polls? it is a serious question. a month ago, the gallup poll had the approval rating at 18%. it is an improvement over august's where it was 10%. the fiscal clip deal, the day after christmas, kali had the president's approval rating, 54%. republican members of congress, 26%. you would think that during their well-earned christmas break, both sides would have found a way to come to the other and get something done. >> this is not the fault of congress. congress is behaving like congress. this is the president's fault. the president needs to go to the country and explain why they need to get this done. he has never done that. >> we are in different universes. i have heard him talk about it over and over, incessantly about why we should not go over the fiscal clip. it is congress's fall. congress created this fiscal cliff. it was their idea to make january 1 d-day. they did it. no one else impose this on them. >> the president has never gone to the nation and made a serious speech about debt. he ignored it the first two years. he appoints a
to be russia's retaliation for a set of human rights sanctions passed by congress and signed into law this month by president obama. >>> sunday's football game in indianapolis is more than just about winning. it will also be a triumph over adversity and personal battles won. abc's t.j. winick reports on the reversal of fortunes for the colts and their coach. >> reporter: coming into this nfl season, the challenges for colts' first-year head coach chuck pagano were many. a team that finished the league-worst 2-14, last year. >> the indianapolis colts select andrew luck, quarterback, stanford. >> reporter: and a rookie quarterback, taking over for the departed peyton manning. but less than a month into the season, those challenges were nothing, compared to the devastating personal news he received. >> the conclusion came down that he did have leukemia. >> reporter: the 52-year-old was forced to take a leave of absence for treatment, which included chemotherapy. expectations fell for the new-look colts. and yet, they've defied all expectations, behind rookie q.b. andrew luck and an inter
months when a new congress will be in place dick durbin praised president obama for making the deal happen. >> he was successful in the senate i hope he will be in the house as well. the senate bill is expected to take place in about an hour or so thanks very much on this first day of the new year three homicides in chicago the latest late this afternoon in the gage park neighborhood of man was shot in the chest in a possible drive-by shooting. he just left work at a downtown hotel. police reported the 19 year-old died after he was shot to death in the 4500 block of south champaign no one is in custody and 12 other people have been shot in the city since midnight last night a man and woman were shot around for in the morning the woman hit in the thigh and the man in the back, no one was arrested in any of the 12th shootings. chicago sought a total of 506 homicides in 2012 which is an increase of almost 16% from the years before. gary mccarthy helped make an arrest in the austin neighborhood. all around 130 this morning he helped officers pull over a vehicle in the area. the police
republicans. >> last month republicans in congress said they would never agree to raise tax rates on the wealthiest americans, but obviously the agreement that's being struck would raise those rates and raise them permanently. >> there was to tepid applause. it was suppose to be an official white house event but it was almost a campaign event and people were cheering. they are turning republican compromise into spiking the football in their face while there is a lot of uncertainty still about whether this deal is going to get done. what does that accomplish? all it does is anger republicans more while this is still a tentative scenario. which is why i go back to my initial comment. i don't know what the president was hoping to accomplish in a protective way with that performance and maybe it would have been wise for him -- i understand he wants to use his bully pulpit. but while we have this agreement in flux it might have been better for the president to keep his thoughts to himself the for the time being. particularly because his spell of trying to negotiate with speaker boehner
truman congress called the do nothing congress passed 906. so they're extraordinarily productive compared to what we have now. >> reporter: yeah. >> talking about why in "the washington post" a couple of months and said never have we seen them this dysfunctional and criticize both parties and now acknowledge the core of the problem lies with the republican party. what do you think is going on with this truly do nothing congress? >> reporter: well, toure, one is tempted to be flip and say there's post offices that needing naming in the '50s and inflated the numbers and really essentially looking at the numbers the vast majority of those bills, the vast preponderance of those bills is sort of inconsequential bills. they have a special day reserved for post office namings and singing the praises of this day or that day or motherhood or apple pie and so, you know, it's sort of really hard to tell and it's fairly strong indication as if we needed that number to indication of how dysfunctional this congress is. here's somebody, a speaker in the background there saying speaker boehner arrived at
is coming just two months from now. congress will have to act to raise the debt ceiling. lou dobbs is here now to weigh in. -- raise the debt ceiling. >> i have to say i'm just relegating to all this the same trash heap that originated mayan apocalypse as well as the fiscal cliff. i'm not paying attention to their bull anymore. melissa: no. >> it gets kind of funny when you think about it, democrats save us from the republicans, republicans are saving us from the democrats. taxes just about everybody going up 2% because of the end of the payroll tax holiday. and the president is going to just talk about he nailed those rich son of a guns. melissa: yeah, good for him. >> meanwhile everybody's taking it in the ear is the expression goes i suppose. lori: it is just mind-boggling just how everything kind of came down over the new year's holiday and now, we got that deal, but, it's reich, it accomplished so little and it is debatable i understand, but there are still so many -- >> there is nothing debatable about washington. lori: now we have to fight for the debt ceiling. we have to turn off t
months of drama and last-minute negotiations congress finally passed legislation to avoid the fiscal cliff. after the vote, a rare late-night statement from president obama. >> this law is just one step in the broader effort to strengthen our economy and broaden the opportunity for everybody. >> lawmakers completely blew their deadline. they didn't get the grand bargain that both parties claim was their ultimate goal. but tonight both democrats and republicans gave themselves credit forgetting something done. >> this is a very, very strong first step. >> this is an important one. this is a critical one for the future of the country. >> there was considerable happened wringing about a lack of spending cuts. some wanted to add them in, but ultimately there weren't enough votes to get it passed. the bill was overwhelming bipartisan support would extend tax cuts for all tax earners earning less than $400,000 a year and tax hikes on those estates worth $5 million. and benefits set to expire for some two million people. since congress missed the january 1st midnight deadline, technically t
come next year. >> you know, keep in mind that just last month republicans in congress said they would never agree to raise tax rates on the wealthiest americans. obviously, the agreement that's currently being discussed would raise those rates and raise them permanently. [ applause ] >> now -- >> guess what. you may not get any more revenue. you may not get any more economic growth. but you can say, i stuck it to the rich people. >> reporter: only capitol hill, the blame game is in full throttle with just a few hours left before we take the "fiscal cliff" plunge at midnight eastern time. >> i want everyone to know i'm willing to get this done, but i need a dance partner. >> reporter: vice president joe biden and senate minority leader mitch mcconnell have been trying to hammer out a last-minute agreement. they have agreed on a few issues but both sides are making concessions. if the deal passes, it looks like democrats will keep popular items like a five-year extension on the child tax credit. it's for workers who do not earn enough to pay income taxes. also, the refundable credit fo
in mind just last month republicans in congress said they would never agree to raise rates. obviously the agreement is currently being discussed would raise those rates and raise them permanently. they made the president promising tax hikes above 250,000. not 450. >> well, i just think that's grossly unfair. >> a hangup -- democrats want a two-year postponement, covered by the new tax hikes. the president scoffed at republican demand for deeper spending cuts. >> shove only spending cuts down -- well -- shove -- shove spending cuts at us. >> reporter: so much for winning gop allies. >> laughs and jokes and ridicules republicans. why? >>> a bigger question is, will a deal get done? it's sure to kim s. >>> word that a deal was close on the fiscal cliff helped push stocks higher today. the dow surged more than 150 points to end the day above 13,000 form the nasdaq was un59 points. the s&p 500 jumped 23 points and closed the year up 13. >>> now, if there is no agreement to avoid the fiscal cliff, some federal workers could be facing furloughs. agency just give at least 30 days' notice for
time throwing a parade for a congress that took 13 months to get a mediocre solution that doesn't address spending, doesn't address the debt, raises taxes not only on the wealthy but i keep hearing it's not raising taxes on the middle class. that's not true. the payroll tax cut is expiring. so taxes are going up for everybody. we're going to end up in a situation where we end up fighting over the debt ceiling and sequestration in two months. so maybe the market makes out okay but the american people didn't make out okay with this. >> but that payroll tax cut was always seen as a temporary measure. neither democrats nor republicans were really pushing to keep it going. >> and i agree. >> yeah, go ahead. >> i was going to say that i agree. i think it's a good thing, but i do think that we should be honest and not let the political rhetoric get in the way and be very, very clear that this is a tax hike on everybody. >> go ahead, maria. you want to respond. >> sure, absolutely. it is not a tax hike on everybody. yes, people's paychecks will go up a little bit. but we knew from the v
to be a real issue next month when congress is back. >> you could understand why she would be hesitant considering what happened with the previous person who was trying to be secretary of state. right? i mean, this is -- this is a minefield she walking into. >> what makes had situation so much -- there's been an independent report about what happened in benghazi. according to the report about the state department's actions will were systemic failure to republicans and democrats of capitol hill asking questions. what caused the systemic failures? does the buck stop with hillary clinton? no one is sure yet but will have to come and testify and was scheduled to testify. it is not about whether she wants to or is willing to. it is when she will reschedule now due to her health. >> at the same time, i mean a lot of people had commented before she had taken this time off or before gotten sick. she had not been looking well. the travel had been obviously extremely hard on her. >> that's right. she did take a lot -- long foreign trip. now she has been out of the picture, though, since december
happens, whether it happens the first month with congress, the next 48 hours, i think the majority of americans will be safe from a tax increase but the realities that we need presidential leadership, we've had two years to deal with this mess. he has not led at all. we've had -- he's had four years in the white house, he's going to have an additional four years in the white house. he needs to do what bill clinton did. he needs to do what president reagan did. president reagan was willing to sit down with the democratic speaker of the house and work on real common sense solutions. >> he met with speaker baner. >> he sat down once. >> couldn't speaker boehner get his house republicans to go along with his plan b. >> look at plan b. plan b was a plan that was advocated by nancy pelosi, was advocated by chuck schumer less than two years ago. they said that what we should do is raise taxes on people that make a million dollars or above. there were only 50 house republicans who said they were not going to vote for plan b. you couldn't even get 50 house democrats to vote for something li
against it. >> i'd like to be speaking for this bill, but i can't. >> reporter: congress steered away from the "fiscal cliff" at the last minute but another showdown is just around the corner. in two months, the treasury will need to increase how much the country can borrow and lawmakers must approve it. the last time congress fought over the debt ceiling, america's credit rating was downgraded. the president says that doesn't need to happen again. >> the one thing that i think hopefully in the new year we'll focus on is seeing if we can put a package like this together with a little bit less drama, a little less brinksmanship. >> reporter: the payroll tax holiday expired. that means less money in most people's paychecks. the bill did not address that. on capitol hill, i'm tara mergener for cbs 5. >>> and stocks shot up sharply this morning on the first day of trading in 2013 jumping more than 200 points at the open. it is wall street's biggest rally in six months. things are still looking good at this hour. they are up about 237 points. now, economists caution that this euphoria in the ma
done now with a chance to talk about some of these issues some more in the new congress and in the months ahead. chris? >> kelly o'donnell, thank you. well, all eyes do now turn to the republican-controlled house and speaker john boehner. about two hours before the senate voted, the house leadership said it would take a wait-and-see approach. "decisions about whether the house will seek to accept or promptly amend the measure will not be made until house members and the american people have been able to review the legislation." with me now, "the washington post's" david machimura and steve toma, chief political correspondent for "mclatchy" newspapers. good morning. >> good morning. >> happy new year. >> happy new year. david, let's talk about what we're going to see in the house. obviously, if it passes, a lot of people will probably be voting yes while they're holding their nose, but could there also be a revolt from conservative members that could threaten this bill? >> i think, chris, you can never predict completely smooth passage, especially in the house, but i thin
are kicking the can down the road. >> new members of congress will be sworn in tomorrow and over the next two months they will have to resolve the issues this last minute deal does not address. here are some of the provisions of the deal passed last night. a permanent extension of previous tax cuts for all taxpayers. expect for individuals making $400,000 a year. or couples making more than $550,000. and it postpones decisions on controversial spending cuts for two monthst. >>> the house of representatives wrapped up its session last night without voting on legislation to authorize assistance for victims of super storm sandy. that caused an outcry from new york area lawmakers. >> i truly feel betrayed this evening. one of congress' most basic responsibilities is to help families, communities, businesses recover. >> the senate had already passed a $60.4 billion measure and the house was expected to vote on it but republican leaders say the deal on the fiscal cliff took so much time they didn't have any left to discuss the sandy bill. >>> police are investigating a deadly high speed crash outsi
are coming and soon. congress pushed off deep government spending cuts for two months and the country is hitting the date ceiling. >> if congress refuses to give the united states government the ability to pay these bills on time, the consequences for the entire global economy would be catastrophic. far worse than the impact of a fiscal cliff. >> reporter: and while things look good upon wall street today, investors say don't get used to it if congress remains so divided. live in washington, kyla campbell, ktvu channel 2 news. >> we have much more on last night's fiscal cliff vote on our channel 2 website. go to ktvu.com, click on the tab right there on the front page. >>> happening right now, some members of congress are now on the floor of the house of representatives calling for a vote on legislation to help the victims of superstorm sandy. those lawmakers are furious because the republican house leadership ended last night's session without voting on the sandy bill. new york congressman peter king calls it a cruel knife in the back. >> i have to go home this weekend and next week
. congress has about two months before it has to raise the debt ceiling or risk causing the government to default on its bills and financial obligations. then we maybe get our credit rating lowered. you remember all those tricks. treasury secretary timothy geithner says the government will use a series of accounting measures to avoid defaulting on its debt. now, on monday it suspended the issuance of new debt for two government retirement funds reaching the limit sets up another big fight between the white house and congress over taxes and spending. in the new year sounds like the fiscal cliff all over again, right? that's because it is. >>> the markets are closed today for new year's but on monday wall street ended 2012 on a very high note. the dow jumped 166 points, finished the year up 7%. nasdaq really the leader here of 59 points yesterday. closed 201215% -- 2012 15% higher. >>> the health of the economy could influence whether a child picks up unhealthy habits. scientists found children who grew up during times of unemployment rates were high, were more likely to drink, smoke and
months government will reach the limit on borrowing unless congress acts. bill only delays large cuts to the pentagon and other government programs. although congress missed the january 1st midnight deadline by-passing the compromise deal in the house and senate, congress can try to take credit for retroactive tax cuts. >> it's a very, very strong first step. >> this is an important one. that is critical one for the future of the country. >> reporter: so in march another round of fighting as congress tackles the debt ceiling. sherrie johnson, abc2 news. >>> immediately after commenting on the house vote the president headed to andrews air force base in maryland and this is new video from overnight where he boarded the plane to fly to hawaii to rejoin his family. obama spent five days there before returning to the white house last thursday. >>> changes are coming to the health care for the coming year of 2013 the main is health insurance exchanges. they must be up and running by october 1st. only 18 states including maryland on thed to build their exchange. other things you need to wat
on sunday that stemmed from a concussion she suffered when she fainted and deter had earlier this month. the white house and congress only have a few hours to reach a deal to avert tax hikes and spending cuts sought to take place tomorrow. leaders are at odds over several issues including the income level for higher tax rates. a woman charged with killing a man a pushing and in front of a new york city subway train is undergoing a psychiatric evaluation. prosecutors say that she pushed the man in front of a train because she thought it would be cool. she reportedly said in the past that she hates hindus and muslims. ♪ families and friends gathered in upstate new york to remember lieutenant michael stefanari. -- chatinari. one man is accused of killing his sister and the two firemen by deliberately setting house on fire. >> he was so generous, loving, and thoughtful. he was my best friend. even though i am surrounded by wonderful people i have an incredibly lonely feeling. my heart is broken, and i'm so thankful for the years we did share. >> two other firefighters were wounded. spangl
of different committees in the months to come, in 113 congress, we ner had as much trouble as we had with environmental protection agency on regulating to the effect of hurting the economy not having anything to back it up, and causing an enormous, hundreds of billions oo dollars are regulatory requirements for so many industry folks that may never be in compliance, there has never been a cost benefit analysis done on many of these regulations. what they have tried to do under miss jackson is ledge lake that -- legislation that would otherwise not get passed. tom. i am glad you are on it. congressman greg harper from mississippi thank you. >> thank you, tom. tom: a fox business alert, a live look at sene floor, they are debating an emergency 60 billion-dollar spending bill for hurricane sandy relief, it is a bit conversional it include something spending items that had nothing to bowith the storm or the victims like a new roof for the smithsonian. we'll keep you posted. >> coming up, fists are flying, newports could be closing. the union fight that could hit you right in your wallet
in mind, last month, republicans in congress said they would never agree to raise tax rates on the wealthiest americans. the agreement that is being currently discussed would raise those rates and raise them permanently. host: president obama talking about what democrats won, potentially, in this deal. a writer for the nation -- "the nation" -- as he writes, the bill was approved, and most republicans were behind it. they're worse -- there were some no votes. there were five republican nos. there were three knows from the democrats, senators bennett, harper, and tom harkin. richard in capitol heights, maryland, an independent color. caller: thank you for taking my call. those people realize that this so-called fiscal cliff, but there is a reason why these tax cuts camp -- come up every year. it is so they can keep debating over the american people, to allow the american people to pay super rich people's america -- their taxes. i just do not get what people do not understand that this is why it comes up every year. that is what we will keep doing. this is what they are fighti
. the bill just pushes off those cuts for two months so you're going to see congress and the white house fighting right away about how to replace the sequester with more sensible cuts once and for all. >> nancy cordes thanks nancy. >>> shortly after the house vote president obama got on a plane to resume his christmas vacation in hawaii but first he complained to reporters about how hard it was to reach a deal and insisted it won't happen again when the debt ceiling battle comes around. >> i will not have another debate with this congress over whether or not they should pay the bills that they've already wracked up through the laws that they passed. the one thing that i think hopefully in the new year we'll focus on is seeing if we can put a package like this together with a little bit less drama, a little less brinksmanship, not scare the heck out of folks quite as much. >> major garrett is in the white house briefing room where the president made that announcement just hours ago. major, good morning. >> good morning. >> major, just to start with what was the reacti
december 31st. they can continue to pay their bills for two months. congress and the white house is going to have to come back to the negotiating table again. we are going to have the typical budget rules. the house republicans are going to put out their budget. it will continue through the spring. >> andy, what are you hearing is happening in d.c. at the capital and how possible it is we are going to follow this time line put in place of maybe having the deal agreed to in two hours presented to senators and maybe they vote by midday and they send it to the house and the house is on the floor on new year's eve. what are you hearing? is the time line the one we are trying to go with? >> we are not hearing much of anything. it's probably a good sign. if there's radio silence, the two sides are talking to each other. they have something to talk ability. conceivably they could have an agreement they could show to the caucus caucuses. if they get a deal, a lot has to go right for this thing to get passed by january 1st. you have to have every single member of the senate agree to bring it up fo
strategy, gary? >> that's what we're going to get anyway. >> six months ago we passed on the horrible sequestration things so congress can have time and solve this, where did it get us? nowhere. and there's a reason people don't trust this congress, they haven't earned one eye o iota. >> and got their vacations. let's talk the economy. the economy is right on that precipice. if we were to just take a shot into, you know, the back side here, you know, our consumer confidence has been dropping week by week and we'll get right back into slow growth and tn we'll freak o and do something more stupid. you were smirking, jonas. >> to get to your original question of the stock market, i think if they did nothing, but kick t can an entire year with all of these things and pushed the whole thing the next holiday season and holiday sales like this year, i think the market would go up, wall street is happyith pushing the problem down the road even though it shoulbe addressed sooner than that. i don't think it's good for the stock mark in the short run to solve these deficit problems. maybe we can
will reach this in about two months and the country could suffer a self-inflicted default. congress currently sets the borrowing limit at $16.4 trillion. the national debt rose because of a series of deficit-covering bonds were issued. the government and the republican party are at odds over the issue. the political stalemate in the summer of 2011 over raising the debt ceiling caused a plunge in stock prices. standard & poor's, the american credit rating agency, has downgraded u.s. government bonds from the top ratings for the first time. here are the latest market figures. >>> the chinese are trying to go head-to-head with the americans in the multibillion dollar sat nav business. their new navigation satellite system or bds is now offering service in the asia-pacific region. >> translator: bds will be used for both military and civilian purposes. it is useful in setting up china's national defense. >> chinese government representatives say the country has launched 16 satellites for bds. they say they plan to put several more into orbit to expand global coverage by 2020. bds is designed to c
there was a shortage but it involves a happy story. there was a bill that was before congress for 15 months, bipartisan support, the president supported it, everybody wanted it, no specialty group didn't want it, and yet it took 15 months before it was passed. it was a bill to give the fda more power to regulate the shortage. now, the good news is that since it was passed in the last six months there's been a doubling of the notification that the fda gets of the shortages. when they get the notification, they can import drugs from abroad, they can call manufacturers and increase the amount of supply here in the united states. there's been a 44% drop this year compared to last in the number of drug shortages. still there are a hundred on the shortage list. >> finally from your perspective, what's the biggest health story of the year. >> for me it's this obesity crisis. you know, two thirds of americans are either obese or overweight. >> yeah. >> and we have this big question about the food police. is it possible to regulate behavior and we see in new york city to lower this crisis. and one of the things
. this is indication of the poison atmosphere up here. when the sequestration runs out next few months and congress must vote to increase the debt ceiling. it appears speaker boehner is fwirding for a fight on both fronts in a statement that he issued last night. he said in part, quote, now the focus turns to spending. the american people reelected a republican majority in the house and we will use it in 2013 to hold the president accountable for the quote, balanced approach he promised. meaning significant spending cuts and reforms to entitlement programs that are driving our country deeper and deeper into debt. the president last night indicate he is open to come promy to spending cuts but drew a line when it comes to the debt ceiling. here's the president. >> now, one last point i want to make. while i will negotiate over many things, i will not have another debate with this congress over whether or not they should pay the bills that they have already racked up through the laws that they passed. let me repeat. we can't not pay bills that we have already incurred. >> reporter: that in turn drew t
by mcconnell and biden overnight, would delay those spending cuts for three months. some democrats have said they want them delayed one year. >> still issues left to resolve. but we're hopeful that congress can get it done. it is not done. and so, part of the reason that i wanted to speak to all of you here today is to make sure that we emphasize, to congress, and that members of both parties understand that all across america this is a pressing concern on people's minds. >> reporter: again, on the issue of tax increases and who constitutes the wealthiest of americans. the president was originally pitching a threshold of $250,000 a year in income. republicans wanted to see that as high as one million dollars. the deadline is midnight eastern time. keep in mind, even if congress misses that deadline they can put off the tax increases or refund them retroactively. katie marzullo, abc7 news. >>> a lot of us worried about our wallets. one item that won't fall off the cliff is milk. committees agreed to one year extension of the farm bill. committee approval is a good indication the full con
it as quickly as possible since we have nothing left but the 113th congress. >> you talk about the fiscal cliff. two months from now with sequestration. that was even handled entirely. thank you so much. watching closely. the fiscal cliff bill now happens in hawaii where he completes the holiday vacation he had cut short. he had a new video put up on you tube. >> thanks to so many of you. you made your voices heard. we stopped that middle class tax hike. >> the averted cliff was enough to send the stock market higher. last night's vote fell along party lines with 85 republicans voted in favor and that includes house speaker baner who split from eric kantor who voted yea. passage continues to come from both sides of the aisle. >> at the end of the day it was house democrats who fuel-injected adult supervision and a sense of compromise and solutions. it was house democrats who stopped us from going off the cliff. >> that led to the policy of where we were going to be if we didn't pass it or where we would be if we did. it was like eating a you know what sandwich to vote for this. to me it was a r
, would delay those spending cuts for three months. some democrats have said they want them delayed one year. >> still issues left to resolve. but we're hopeful that congress can get it done. it is not done. and so, part of the reason that i wanted to speak to all of you here today is to make sure that we emphasize, to congress, and that members of both parties understand that all across america this is a pressing concern on people's minds. >> reporter: again, on the issue of tax increases and who constitutes the wealthiest of americans. the president was originally pitching a threshold of $250,000 a year in income. republicans wanted to see that as high as one million dollars. the deadline is midnight eastern time. keep in mind, even if congress misses that deadline they can put off the tax increases or refund them retroactively. katie marzullo, abc7 news. >>> a lot of us worried about our wallets. one item that won't fall off the cliff is milk. committees agreed to one year extension of the farm bill. committee approval is a good indication the full congress will follow even though th
't fall into recession after congress agreed to a deal that prevented most tax increases and postponed painful government spending cuts for another two months. fwig name stocks and technology companies, the engines that help fuel economic growth, did particularly well today. >> removing uncertainty like the fiscal cliff, things like the debt ceiling, that's going to help bring things into a clearer focus and should ultimately help both the economic performance and the performance of everyone's 401(k). >> reporter: that's a relief to the 60 million americans who are invested in 401(k)s. 2012 had already been a good year. if you were invested entirely in the s&p 500, the average 401(k) would have gained $10,000 in the last year alone. today's rally alone added $1,900 to the average 401(k). one thing to keep in mind, traders told me that had we gone over the fiscal cliff instead of talking about a 300-point rally, it would have been a selloff, if not worse. volatility not over for the week. big jobs report coming on friday. expect 160,000 jobs added in december. >> okay, bianna, thank you
.o.p. is not. >> just last month republicans in congress said they would never agree to raise tax rates on 00 wealthiest americans. obviously the agreement is currently being discussed would raise those rates and raise them permanently. >> republicans suggested the event may back fire. accusing the president of rubbing their noses in defeat. >> time to stop the campaigning, the president won. we all know that. he won fair and square. but isn't it now time to govern? >> the president was absolutely out of line with his comments at 1:30 this afternoon. this is a very delicate time in the negotiations. i would think democrats would be embarrassed at what the president did. >> after months of the president promising a balanced approach, there are only tax hikes for the rich without any new spending cuts. and today he hinted at even more tax hikes ahead. warning republicans future deficit reduction will not come from cuts alone. >> if they think that's going to be the formula for how we solve this thing. then they have got another thing coming. that's not how it's gonna work. >> republicans fired
months if the irs -- if congress doesn't act to change it. >> they are going to have to do something about it. i can't begin to think about how dpift it is to determine what your taxes might be verses next year when we don't even know all of the regulations yet. prepay your mortgage for january and pay it now before the end of the year. >> if you pay the january mortgage, you can prepay these mortgages this year pay it so it gets on the form>> increase your charitable deductions in 2012. if you want to reduce the entry for charitable deductions if you doesn't know who to give them to go to the charitable gift fund and do something like that. >> accelerate business expenses tax deductible this year. >> prepay rent prepay other expenses you have around there the retirement plan to end. in the beginning 3.8 percent more on investment income .9 more on earnings. you have way the two years. >> a lot of people will be on the phone with people like you. >> it is now 6 minutes before the top of the hour. residents in one community are suing because their neighborhood is going to pot. this la
billion have been delayed for two months which means there will be another round of haggling at the beginning of march. the u.s. government will hit what is known as the debt ceiling, the limit for borrowing and only congress can raise it. for americans braving the january chill, frustration with politicians and resignation that they will soon have to go through all over again. >> i think it is ridiculous, i think the congress should be doing their job, not waiting until the last minute. >> it is not over with yet. they have another couple of months to debate things. once they figure it out, they will come to a decision which we hope will be the best interest of the country. >> this extraordinary new year's drama has played out as barack obama prefers for his second term. a second term in which you would like to achieve big things on immigration reform, climate change, and gun control. it is clear with a bitterly divided congress come none of it will come easily. >> for more reaction from capitol hill i spoke a short time ago with republican congresswoman marcia blackburn of
, technically they vote to cut taxes, might be another selling point in and of itself. in two months, when the united states hits that debt ceiling, and congress has to vote whether to raise it or not. and the sequester, when they come due, when mandatory spending cuts take effect, remember, they are delaying them for two months, and we will have another huge battle on our hands, and at that point, we will have more leverage, more distance between now and the election and the debt ceiling, because the united states could be default unless the president decides to raise it. it will take an act of congress to raise the debt ceiling. that's what we're looking at in the short term, whether the republicans can get this passed out of the house of representatives tomorrow or the following day, and two months down the line, because the deal they struck tonight, milissa, carries the seeds of further confrontation, bigger confrontation, one more thing, joe biden when he left the meeting stopped by the pool camera outside the senate chamber and said it will be a tough vote. never predict how the sena
as a reduction as congress decides what to do about the automatic spending cuts now delayed for two months. i want to make this point. as i have demonstrated throughout the past several weeks, i am open to compromise. i agree with the democrats and republicans that the aging population and the rising costs of health care makes medicare the biggest contributor to our deficit. i believe we have to find ways to reform the program without hurting seniors to count on it to survive. there is further unnecessary spending in government that we can eliminate. but we cannot simply cut our way to prosperity. cutting spending has to go hand in hand with further reforms to our tax coats of that the well as corporations and individuals cannot take advantage of loopholes and deductions that are not available to most americans. we can i keep cutting things like basic research and new technology is still expected to succeed. we are going to have to continue to move forward attended as a reduction but we have to do it in a balanced way, making sure we are growing, even as we get a handle on our spending. one l
cuts of more than $100 billion have been delayed for two months which means there will be another round of haggling at the beginning of march. the u.s. government will hit what is known as the debt ceiling, the limit for borrowing and only congress can raise it. for americans braving the january chill, frustration with politicians and resignation that they will soon have to go through all over again. >> i think it is ridiculous, i think the congress should be doing their job, not waiting until the last minute. >> it is not over with yet. they have another couple of months to debate things. once they figure it out, they will come to a decision which we hope will be the best interest of the country. >> this extraordinary new year's drama has played out as barack obama prefers for his second term. a second term in which you would like to achieve big things on immigration reform, climate change, and gun control. it is clear with a bitterly divided congress come none of it will come easily. >> for more reaction from capitol hill i spoke a short time ago with republican congresswoman marcia b
. if congress fails to pass a farm bill, they may end up spending an extra $120 a month on milk. that has dad sean rasmussen worried. >> we will not cut back on milk. they have to have their milk. we might have to cut elsewhere. >> reporter: without new legislation, government price supports for milk will revert to 1949 levels. back then, the process was more laborious, and farmers needed a higher subsidy to cover their costs. dan summer, professor of agricultural economics at the university of california davis, says the new price of milk will be far above what it now costs dairy farmers to produce it. >> it really will be just chaos. nobody really knows how to act. >> reporter: so we would go back to this old farm bill, which would force the government to buy milk at an extremely high price. >> that's right. >> reporter: this could be a windfall for dairy farmers. >> here's the problem for dairy farmers: they don't want chaos in the milk market. it sounds good-- "gee, everybody will double or triple the price"-- but how much milk would people buy at that price? >> reporter: nobody will pay i
that we'll have a messy couple of months. >> and we have an added element here. new congress taking on these battles. more democrats in the house and senate. how might the incoming crew affects the next negotiations that will happen? >> i don't think it actually is going to affect it even though there are more democratic seats, republicans still control the house. even though there are more democratic seats, there is not a filibuster proof majority. so if this whole process irritated you, you should be prepared for a little more of that in the near term. >> and there's a lot of talk about who won here, who lost here in the fiscal cliff fight. >> and you may not realize that there are some sort of lesser winners. obviously the losers i guess are the wealthy paying more in taxes, those who if they itemize deductions will see them capped at the $300,000 level. tax cuts, 450 for couples, 400 for individuals. but some of the other lesser known winners, and i guess they would have been losers if something hadn't been done but now they get to keep tax breaks. milk, sugar, peanut producers.
and military spending cuts by two months. speaking after the house vote, the president thanked congress for approving the deal. >> the sum total of all the budget agreements we've reached so far proves that there is a path forward, that it is possible. if we focus not on our politics but what's -- but on what's right for the country. and the one thing that i think hopefully in the new year we'll focus on is seeing if we can put a package like this together with a little bit less drama, less brinksmanship, not scare the heck out of folks quite as much. >> the bill sets up the next fight in around two months when the spending cuts are set to take effect and the u.s. hits the debt ceiling. treasury secretary timothy geithner's taken steps to delay that date by halting investment into government worker pension funds. the president is vowing to avoid a repeat of 2011 saying he won't engage congress in a debate over the debt ceiling. >> we can't not pay bills that we've already incurred. if congress refuses to give the united states government the ability to pay these bills on time, the conse
month. >> as i have said in previous speeches, we are sleepwalking. as congress sleepwalks, americans are taking action on their own incarnation of the nonprofit organization 350.org, for example, students and more than 150 colleges and universities across the country are pressing as institutions to sell off portions of their endowment portfolios that are invested in fossil fuel companies. the students are employing a stool -- employing there's schools and divest from the polluters. this type of campaign was employed effectively in the 1980's to pull investments from south africa during apartheid. american college in university endowments estimating $400 billion, this movement by students deserves significant attention. >> democratic senator sheldon whitehouse of rhode island speaking last month. in light of the weak climate deal reached at the united nations climate change conference last month in doha, many environmentalist have lock on the fossil fuel divestment campaign as the new frontier in their activism rid they sit in the same spirit as the ongoing campaign of nonviolent civi
for about two months. but again, they're still working on it. and all of these negative effects can be undone with congress continuing to work. but deadlines tend to make things happen here. and missing tonight could delay this for an amount of time we just can't predict. kate? >> kelly o'donnell on capitol hill where i suspect she'll be for a while. tonight our political director and chief white house correspondent chuck todd also on hand tonight. chuck, there are a lot of people, i'm sure, out there rolling their eyes, wondering how did we get to this point on new year's eve? how did they let it go this far? >> reporter: well, the biggest problem is our political system does not reward compromise. the way these deals have happened in the past, with previous presidents and previous speakers and previous leaders is a compromise is rewarded by the public. and right now, whether it's president obama, whether it was speaker boehner, the two of them couldn't find a way to get to a deal because they didn't want to look like they were ever caving. and when you get to a point where it look
spending and debt. obama told congress he expected them to approve an increase in the nation's borrowing authority in the coming months, as well as director attention to other issues that have fallen by the wayside during the fiscal cliff hanger. >> today's agreement enshrines the principle into law i think will remain in place as long as i'm president. the deficit needs to be reduced in a way that is balanced. everyone pays their fair share. everyone does their part. that is our our economy works best. we can settle this debate, or the very least, not allowed to be so all consuming all the time that it stops us from meeting up host of other challenges we face like reading jobs, boosting incomes, fixing our infrastructure, fixing our immigration system, protecting our planet from harmful effects of climate change, boosting domestic energy production, protecting our kids from the horrors of gun violence. >> the new year's day a vote to approve the fiscal cliff deal was a reversal for house republicans who had opposed it for not cutting deeply enough into social programs. house speaker joh
and spain. our road map starts right where we were months ago, waiting for the 112th congress to agree on a debt reduction package. the senate convenes at 11:00 a.m. >> the dow had its worst day in a month on friday. set to close december with a loss. the question is, does it continue to sell off if there isn't an accord in congress. >> we will always have china. manufacturing pmi data from last night is the best in 21 months. can we finally say the chinese economy has been stabilized. >> but of course, we start in washington. as you know, congress comes back today. the house gaveling into session now with legislative business starting at 10:00 a.m. the senate returns at 11:00 a.m. eastern. there are only a few hours left to get a deal done. eamon? >> you're already hearing people talk the way they talk on new year's day. a lot of people wish they could go back in time and do things differently. that's the way people are talking in washington about this fiscal cliff. feeling as if this thing suddenly got off the rails. take a listen to mitch mcconnell last night talking about the pace
and spending cuts for government programs and the military will be on hold a couple of months, giving congress more time to figure out how to reduce the deficit with other kinds of changes. that was just the senate working in the middle of the night. the house of representatives comes in today with pressure on them to make a deal as well and to cast a vote. that fiscal cliff has arrived but it looks like a solution is in place. andrea? >> thanks, kelly. your voice sounds a little like mine this morning. >> reporter: indeed. >>> doctors treating secretary of state hillary clinton for a blood clot in her head say they're confident she'll make a full recovery. more from chief science correspondent robert bazell. happy new year, robert. >> reporter: happy new year to you, andrea. the story could be a lot worse. it now appears that hillary clinton was in a dangerous situation, but it's been resolved successfully and every indication says she'll made a full recovery. she had a blood clot in a vein not in her brain but next to her brain. had it grown it could have cause aid small stroke. extensive ex
stole the rally? the folks inside the beltway; right? >> it's congress. it's a really bad week and bad month for stocks. this is when we have a santa claus rally, final ten days of the year are supposed to be really stroke. not the case today. you talk about the low of the session. i tracked this. we were down 170 points at the low of the session. i didn't remember seeing it, but we were. hp, a grinch itself, continuing the decline adding to its 46% yearly decline, the biggest loser so far this year i'm learning. >> yeah, it is the biggest loser on the dow, especially today, down today. this on news that the government
ceiling debate. is the >> no question we will be back in two months having this discussion. credit rating is in trouble. congress has to look at the spending side. the bill does nothing for spendi spendispend. that matters to americans because it effects every sij american by having a higher interest rate. it's very important. both sides were together cooperating and finding a way to cut spending. >>> thank you soichl. so much. >> thank you. happy new year. >> 48 after the hour with the new year come a slew of new laws including some that could surprise you such as a ban on letting pigs run wild. some lawmakers quenching their thirst for regulations with this plastic water bottle ban. we will have more on that. right now let's check in with brian kilmeade he was coming up on fox and friends. happy new year. >> same to you. we are going to go over the next four-hours details on this plan passed by the senate overwell canni -- overwhelmingly. see if it has any hope of passing the house. so far not so good. john will be joining us to look at the financials of this whole deal coming down and
, i can do it in two years. that's $1,000 a month. is that even possible? if so, act like congress. raise revenues and reduce spending. so this is what we're going to cut out of our budget, and this is how i'm going to take that extra part-time job or whatever it takes to make that money. >> amy, how do you characterize the market right now? it's in recovery but nowhere near where it was in 2007 and 2008? >> that's right. it really varies by market, in most places across the u.s., the housing market bottomed, but this is a long and slow slog to recovery. our economists predict over the next year across nationwide, home values are only going to rise about 2.5%. it is going to take years and years for us to get back where home values were in most places at the peak. for people thinking about buying, you do have some time to take advantage of these low prices. >> all right. and i know we've been -- wow. profiled people who were financed a couple of times, looking at it again with low mortgage rates. thanks. >>> and most homes and investments are made possible by paychecks. up next, th
secretary says they can move some things around and buy us a couple of more months which happens to be the same time that congress is going to have to once again decide how they're going to defer these a draconian spending cuts that was decided the last time we voted on the debt ceiling. so all of this time is going to come together and you add one more thing to it and that is the appropriations bill, the spending bill. it expires in march. so you have these three things happening in march. it's just going to lead to another grand bargain, drama-style negotiation and whether or not they come with if comprehensive bill to reform some of the entitlement programs, to reduce government spending, to simplify the tax code, all of the things we heard them talk about our political leaders in washington over the last year and a half. that will be the next chance they have to do that to come together, if you will. to either fight or come together in the grand bargain style agreement. but joe biden tonight, telling democrats behind closed doors when he met with them here on capital hill,
carmone of salon. new year's resolution important congress, kick the habit of procrastinating. >> coming up against a hard deadline here and as i said, this is a conversation we should have had months ago. >> that was senator mitch mcconnell reflecting on why congress has done so little in those 514 days since it passed the bunt control act. that legislation, of course, machine dated those automatic arbitrary spending cuts supposed to motivate congress tone act some kind of comprehensive budget reform. it hasn't worked out had a way. we are now four days away if the fiscal curb. this is the first time all of the congressional leaders met with the president since november 16 in a post-election session. and new this morning, cnbc's john heart swood reporting a mini deal could be in the works. without it like a 60 to 90-day deal and include some tax raises basically for those making about $400 $400,000 or more. this morning a few senators in both parties struck a hopeful tone about the meetings. >> getting a little more optimistic today. >> i think that it is encouraging that people are tal
the across-the-board indiscriminate cuts set up by congress for two months. that fight is ahead. so is the fight over the debt ceiling which is also not addressed in this legislation. so the bill does a significant amount of things, but it's only a baby step, and we've got big, big fights ahead, guys, on spending, more on taxes, and on the debt ceiling. >> obviously it's an extremely political situation. that's a vast understatement. on the one hand, obama retreated, because the tax rates only go up on those earnings $400,000, $450,000, rather than $250,000. but the republicans did not get substantial spending cuts. they did not get, john, entitlement reform. is it fair to say that the white house outwitted the gop through this process? >> you know, i'm not sure. the white house would love for people to reach that conclusion. i'm not sure that's true. as you mentioned, they had a scheduled very large tax increase all the way down to that top rate, all the way down to $250,000 incomes that would have happened had nothing taken place. they accepted much less from that. they accepted l
their taxes go up. also not getting done, spending cuts. one analyst said today congress kicked the drone down the road, postponing cuts for another month. republicans say they will fight raising the debt ceiling without significant spending cuts. >> the president has maxed out his credit card and he's not going to get an unlimited credit card. >> he is back in hawaii today but president obama feels congress spent the money and will have to raise taxes further. >> i will not have another debate with congress over whether or not they should pay the bills they have already racked up. >> of late this afternoon, house republican leaders backed down over their decision to postpone a force and the victims after both parties blasted lack of action. now, congress will vote on $9 billion in aid and additional aid later when congress officially returns to the new session. >> we are going to stick with the fiscal cliff for a moment because lawmakers are not the only ones sounding off about it. we have reaction from taxpayers to how much more they will still be paying. >> it is a huge concern
congress have to deal with the debt ceiling next month. they also have to deal with the sequester, remember that series of cuts in federal spending that will reduce most budgets about 8% to 10%. last night's deal basically kicked automatic that down the road. and then there's also the budget so-called continuing resolution, and congress has to pass another budget so that our entire government just doesn't shut down on us. if congress doesn't get its act together fast we'll be in a similar situation before we know it. the congressman-elect from florida joins us. my first question, sir, is are you looking forward for joining this group of legislators, given this despicable state of paralysis. >> this is a new congress i'm joining. the 112th congress, this is definitely disheartening, but it's not a surprise. the new congress, about 90 new members, all elected on a message of bipartisan, so the freshmen i have met all want to do something big, we want to do the big choices, so i'm excited to join this congress. >> what do you consider one of the big choices? everything will have to hurt. where
of the matter is there could very well not be the will two months from now in the halls of congress. what are you hearing about this as the tragedy becomes more of a memory to a lot of folks? >> well, i mean, everyone of course, is very upset about this, and thinks that there needs to be a conversation, what that conversation entails, there's where the disagreement lies. look, i talked to a lot of senators about the democrats too. who will come from conservative states, some who were up for re-election, who are not convinced that there need to be further restrictions on guns. so, not only do we have republicans who most -- for the most part would appose further restrictions, not just in the senate, but also in the republican controlled house. but a lot of conservative democrats from states like alaska, or louisiana, folks who opposed reinstating the assault weapons ban, now when we talk about in the new congress, we will see, we will wait for the president and his task force to unveil the proposal and see how sweeping and tough they will be. whether they try to thread the needle and go a
waiting and wondering about their paycheck for the next day, two, week, month and to hear a member of congress to say we're here and doing nothing, that's hard to register. >> i agree with them. this is an indictment of congress that we have come to this state and where the function that most members of congress have is to simply be on hand so that in the event the negotiators reach agreement we can ratify or reject it but the fact to december 31st, new year's day and all of us should be with our families and america have some confidence that congress does have its back and we have a capacity to resolve differences in a timely and adult way, it is an indictment. this is a dangerous situation for the future of the country. this institution has to do better at making decisions that are important to the well being of this country. >> i think people agree with that sentiment. peter welch of vermont, thank you for taking the time out and i guess you're welcome for the highlight of your way. >> thank you. >>> now the "news nation" political panel. molly ball and david goodfriend. molly,
-for. in the last night or the last two days of a congress to say that two months from now, a new congress is going to do what we are not doing here today is not something i would like to do. i want americans to have lower taxes, but the other day in conference, one of my colleagues pointed out that if, in fact, you're spending the money, you're taxing our future generation. we are taxing $1.2 trillion next year. we are taxing $1.2 trillion. we won't collect it, but taxing $1.2 trillion of deficit. the chairman of the committee of the ways and means committee, mr. camp, rightfully so said, we also aren't simplifying the tax code and not making it better or fairer and not getting rid of the nascar loophole or the electric motor scooter low-speed loophole and not getting rid of a lot of tax things that are here. we aren't taking things that the president said he would be for, like getting the calculation of changing the consumer price index for federal security work force and pensions, which would reduce the deficit. i cannot believe that this tax cut will, in fact, be followed with the spending cuts
in october, and it's plunged this month. congress has forced all of us to begin planning for the worst. >> 40 minutes after the hour. time to check top stories. venezuelan president hugo chavez is said to be suffering from complications following cancer surgery in cuba. they characterize chavez's health as delicate because of a respiratory infection. it's not clear whether the venezuelan leader will be able to return to his country for the start of his new six-year term scheduled to start on january 10th. >>> the second of two volunteer firefighters killed in an ambush on christmas eve will be laid to rest. 19-year-old thomas kaczowka will be laid to rest today. yesterday firefighters from all over the country as far as away as california, came to attend the funal of 19-year-old michael chapersky. >>> a woman charged with murder as a hate crime. police say menendez has hated muslims and hindus since 9/11, and told them she pushed 46-year-old immigrant to his death because, quote, she thought it would be cool. >>> a 21-year-old iowa man in big trouble. he was wanted for questioning in a robber
fors, if you will to put off those cuts for two months to allow the next congress to figure out how to find more surgical cuts than essentially the automatic cuts that were due to kick in in january. now, there is a lot of back and forth. there is some things republicans don't like about this deal. some things those on the left don't like about this deal. i just heard from a prominent republican senator who thinks that the democrats will lose some of their most liberal members on this deal who are unhappy about the tax rate issue. they wanted it more to only extend the bush tax cuts to those making up to $200,000 or couples making up to $250,000. the number will be higher than that. bottom line, a lot of republicans in the senate feel like the rank and file democrats will likely fall in line and support the deal. so they think in the end that there will be the votes to pass the senate, bret. >> bret: so what if you can, judging from your reporting up there, tell us what vice president biden s really doing up there at the senate democratic caucus meeting? if all of these signals from
. in his weekly address, the president took his message directly to the public calling for congress to come together to pass a deal. >> for the past couple months, i have been working with people in both parties with the help of business leaders and ordinary americans to come together around a plan to grow the economy and shrink our deficits. it's a balance plan. one that would protect the middle class, cut spending in a responsible way and ask the wealthiest americans to pay a little more. and i'll keep working with anybody who's serious about getting a comprehensive plan like this done because it's the right thing to do for our economic growth. but we're now at the point where in just a couple of days the law says that every american's tax rates are going up. every american's paycheck will get a lot smaller. and that would be the wrong thing to do for our economy. it would hurt middle class families and hurt the businesses that depend on your spending and congress can prevent it from happening, if they act now. leaders in congress are working on a way to prevent this tax hike on the middl
is history. president kennedy grabbed hugh tryden's idea and addressed a joint session of congress the next month. the apollo program was the brain child of hugh dryden and neil armstrong turned that dream into reality by making that one small step for a man, one giant leap for man kind on another world almost 230 miles away. hugh dryden was not able to see his dream become reality as he died in 1965 and unfortunately, neil armstrong passed away last august. it's important to honor both men's legacies by naming the flight research center after neil armstrong and the surrounding test range after hugh dryden. with this bill we reaffirm that america is filled with dreamers like hugh dryden and doers like neil armstrong, who working together can shoot for the moon. again, madam speaker, i want to thank congressman mccarthy for honoring their legacy which reminds us that america always needs to think about new frontiers. i yield back the balance of my time. . so much the jeement maryland. ms. edwards: i would like to inquire of mr. hall was to whether he has additional speakers, otherwise i'm re
million people. what it doesn't do however is raise the so-called debt ceiling and two months the government will reach the limit on borrowing unless congress acts. not to mention the bill delays large cuts to the pentagon and other government programs. so in march we may see another round of fighting. president obama says he hopes congress can get a deal done with a little less drama. abc news, washington. >> not all law makers are satisfied with the new fiscal cliff idea. andy harris is one republican who voted against it. released a statement reading, ioppose the legislation increase being tax on 77% of my people in my district. harris goes onto say the bill is business as usual in washington doing nothing to deal with the 16.4 trillion dollar debt. >>> so when harris says it will raise taxes on 77% of americans he is talking about the end of the pay he roll tax holiday. basically what it means is the amount taken out of your paycheck for social security will go up 2%. for most americans that means we will pay a thousand dollars more in tax this is year than last. >>> this
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